BlackRock said Monday its application for a bitcoin exchange-traded fund remains under review by the Securities and Exchange Commission, as the price of the world's largest cryptocurrency soared after rumors on social media that the fund had been approved.

A BlackRock spokesperson confirmed that the iShares Bitcoin app is still under review by the regulatory body. The Securities and Exchange Commission (SEC) has not yet approved a Bitcoin ETF in the US.

Sources close to the Securities and Exchange Commission also confirmed that the reports are incorrect. The regulator said last month that it had begun additional procedures to determine whether proposed spot bitcoin ETFs from big names including BlackRock, Invesco, Valkyrie and Fidelity should be approved or rejected. In an apparent further delay to ongoing audits that could continue for at least another month.

Bitcoin rose towards $30,000 immediately after posts on X indicated that the fund had been approved early Monday morning in the US. Bitcoin's price has since fallen from that peak and is currently trading at $28,400, according to CoinGecko.

Approval rumors follow SEC decision not to appeal Grayscale case Monday's rumors came days after the SEC announced it did not plan to appeal an August court ruling that ordered it to reconsider an offer from Grayscale Investments to convert its flagship GBTC fund into a fund. Instant Bitcoin investment.

Although the industry is patiently waiting for the approval of the first Spot BTC ETF. However, there are still a number of things that need to happen before it reaches the market. The SEC's decision not to appeal the Grayscale case does not automatically mean that the regulator plans to approve it.